SPORTSBOOK REVIEW NEWSWIRES

Scam Alert: Palacebet.com (SBR rating F-) back online.

9/21/2008 10:17:21 AM

Scam Alert: Palacebet.com (SBR rating F-) back online. The sportsbook website was taken down by the host provider after repeated scam reports. Although the sportsbook no longer offers online banking, players should beware of solicitation for Western Union deposits for too-good-to-be-true offers.

The Scam: Fake professional handicappers refer players to palacebet. The player signs up at the site and sends his deposit to Palacebet. His balance is instantly controlled by the pro handicappers, who are referred to by the book's customer service as "the player's Sports Advisors." The bettor is then promised a line of credit so he can bet larger sums on the "advisors' syndicate picks." He is told he must cover a $4,000 transaction cost for a bank wire from the touts to his account (which never occurs since the book simply adjusts the available balance in the software) and is promised it will be reimbursed to him upon cashing out. If the player is lucky enough to survive the "syndicate picks" that are designed to eat away his bankroll, he is asked to deposit another $4,000 in transaction fees before he can have access to his funds including the money he deposited. A player who complained to SBR was told he had to pay $4,000 maintain access to his account after winning $20,000.